CPI Aerostructures 2Q results up as military business grows
CPI Aero CEO Douglas McCrosson leans on an A-10 main landing gear pod on Feb. 1, 2016, while posing for a group photo with former Northrop Grumman and Fairchild workers at CPI Aero in Edgewood. Credit: Barry Sloan
CPI Aerostructures Inc. Thursday reported second quarter revenue of $22.3 million, a 2 percent increase over the year-ago period, as the Edgewood aerospace manufacturer continued to veer away from the civilian market to focus on military aircraft.
Net profit was $1.8 million, or 21 cents per diluted share, compared with $1 million, or 12 cents per diluted share, in the 2015 second period.
CPI Aero shares climbed 5.1 percent to close Thursday at $7.01.
President and chief executive Douglas McCrosson said that the results “validate a business strategy first set into motion in 2014 that places greater sales emphasis on the defense market.”
He said that contracts for work on the E-2D Advanced Hawkeye and the T-38 Pacer Classic III helped drive growth.
Not reflected in the company’s $395 million backlog as of June 30 was a contract to build pod structures of jamming systems from Raytheon, a new customer, McCrosson said.
“This is a significant win for CPI Aero,” he added.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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